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Tax on benefits in kind.
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I work for a building society and get a special interest rate on my mortgage. Since having my son, I only work on Saturdays so over the month I do not earn enough to pay tax. What happens about the tax that I have always been charged on my staff mortage rate? I have just received this month's pay slip and over half has taken away as prepayment. Is this the tax on my benefit in kind over the whole year?
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You are only liable to pay tax on a benefit in kind if your pay plus the value of the benefit, exceed �8500 in a tax year. If your pay has now fallen to a level that would mean your total annual pay plus the benefit would be below the �8500 mark, then you need to contact your tax office straight away and tell them.
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